SHARE THIS:
GCR Ratings (GCR) has upgraded Family Homes Funds Limited’s national scale long and short-term issuer ratings to A(NG) and A1(NG) from BBB+(NG) and A2(NG); with the Outlook revised to Stable from Positive. Concurrently, GCR has upgraded Family Homes Sukuk Issuance Programme Plc’s NGN10bn Series 1 and NGN20bn Series 2 respectively, with the Outlooks revised to Stable from Positive.
In its report, GCR states that the rating upgrade on FHFL reflects sustained growth trajectory in line with the company’s mandate of financing construction of affordable housing. The ratings also consider FHFL’s access to funding from the Federal Government of Nigeria (FGN) and Development Financial Institutions (DFIs) which support strong capitalisation, liquidity and a good risk profile.
The report further read; ‘’Our assessment of FHFL’s capital and leverage is positive to the ratings underpinned by good internal and external capital flow... Looking ahead, we expect the financial leverage ratio to remain strong over the next 12-18 months premised on continuous support from FGN. FHFL’s risk profile is positive to the rating, supported by sustained zero non-performing loans and credit losses of below 1% over the years. FHFL’s funding and liquidity assessment is positive to the ratings, supported by FGN’s capital grants, long-term capital market funds raised through its NGN30 billion Sukuk issuance programme as well as additional fundings from DFIs.’’
Reacting, the Managing Director of FHFL, Abdul Mutallab Mukhtar said, “We are thrilled by GCR’s recognition of our efforts. This rating upgrade stands as a testament to the hard work and dedication of our team in fulfilling our mandate to provide affordable homes for Nigerian families. It further reflects confidence in our financial stability and operational efficiency. We remain deeply committed to our mission and will continue to build on our strengths to make a lasting impact in the housing sector.’’
Editor’s Note
Family Homes Funds Limited (FHFL) is a Limited Liability Company with initial shareholding by the Federal Ministry of Finance Incorporated and the Nigeria Sovereign Investment Authority. The company aims to reduce Nigeria’s housing deficit by facilitating the development of affordable homes and advancing innovative paths to home ownership. In the process, the Company strives to spur the development of relevant skills, support the industry, and create jobs.
On Monday, June 2, 2025, Nigeria's affordable housing sector recorded a major advancement with the signing of a collaboration agreement between the Ministry of Finance Incorporated (MOFI), Family Hom...
June 04, 2025
A joint training workshop organized by Family Homes Funds Limited (FHFL) in collaboration with the Mortgage Bankers Association of Nigeria (MBAN) convened a pivotal stakeholders’ session on Wednesd...
May 16, 2025
On April 26, 2025, Family Homes Funds Limited (FHFL) brought joy to Family Homes Estate in Grand Luvu, Nasarawa, with a generous donation of soccer equipment, sparking excitement among residents. Led...
May 03, 2025
On this day, March 20, 2025, a significant milestone was achieved as the Executive Secretary of the Nigeria Police Trust Fund (NPTF), Mohammed Sheidu, accompanied by members of the management team, v...
March 21, 2025
In a recent release from the Statehouse Abuja, Family Homes Funds Limited (FHFL) has been recognized as Nigeria’s leading affordable housing finance agency, trusted to drive transformational change...
February 27, 2025
Family Homes Funds Limited (FHFL) recently visited the Renewed Hope Cities and Estate Project in Janguza, Kano State, a groundbreaking initiative set to deliver homes for at least 3,000 families in p...
February 26, 2025
Family Homes Funds Ltd held a stakeholder session, bringing together Developers, Primary Mortgage Banks, and Commercial Banks. The brainstorming session aimed to discuss challenges and bottlenecks in...
January 23, 2025
As part of its commitment to advancing social housing development in Nigeria, the management of Family Homes Funds Ltd. (FHFL), led by the Managing Director, Abdul Mutallab Mukhtar, conducted an offi...
January 22, 2025
The Cross River State Ministry of Housing, led by Hon. Dr. Mrs. Beatrice Ocheke Igwe, officially handed over five hectares of land to Family Homes Funds Limited (FHFL) to construct 70 two-bedroom hou...
January 09, 2025
Family Homes Funds Limited (FHFL) has been recognised with the prestigious “Mortgage Product of the Year” award at the Africa Housing Awards 2024 for its innovative and impactful Help-to-Own produ...
December 17, 2024
GCR Ratings (GCR) has upgraded Family Homes Funds Limited’s national scale long and short-term issuer ratings to A(NG) and A1(NG) from BBB+(NG) and A2(NG); with the Outlook revised to Stable from Po...
November 06, 2024
Abuja, Nigeria — Family Homes Funds Limited (FHFL) proudly announce the handover of home keys to six new homeowners under its transformative Help to Own (HtO) programme. This milestone marks a sign...
August 30, 2024
